EN CLOSURE 2
25023 581
Received 13 SEP 1899
ATTORNEY GENERAL'S OFFICE,
Hongkong 14th August 1899.
Report on Ordinance 2 of 1894.
I have examined the accompanying Ordinance, entitled "An Ordinance to continue the Hongkong and Shanghai Bank Ordinance, 1899," and I am of opinion that the Ordinance is one which is not contrary to the Governor's Instructions.
OBJECTS AND REASONS.
The object of this Ordinance is to extend for a period of one year from the 31st July 1899, the privilege which was accorded to the Hongkong and Shanghai Bank by Ordinance 1 of 1890, of issuing notes in excess of its paid-up capital on condition that the Bank would deposit with this Government coin or bullion equal to the value of such excess issue.
The Right Honourable the Secretary of State for the Colonies